MIRA INFORM REPORT

Report No. :	336774
Report Date :	12.08.2015

IDENTIFICATION DETAILS

Name :	HANRON JEWELLERY LIMITED
Registered Office :	Haslers Old Station Road Loughton Ig10 4PL
Country :	United Kingdom
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.1993
Com. Reg. No.:	02807089
Legal Form :	Private limited with Share Capital
Line of Business :	Other retail sale of new goods in specialised stores (not commercial art galleries and opticians) Jewellery wholesalers.
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 5.8% in 2013. The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.8%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.

Source : CIA

Company Name

HANRON JEWELLERY LIMITED

Company No

02807089

Registered Address

HASLERS OLD STATION ROAD LOUGHTON IG10 4PL

Company Summary

Registered Address

HASLERS
OLD STATION ROAD
LOUGHTON
IG10 4PL

Trading Address

Hawke House
Old Station Road
Loughton
Essex
IG10 4PL

Website Address http://www.hanron-jewellery.co.uk

Telephone Number -

Fax Number

TPS -

FPS No

Incorporation Date 06/04/1993

Previous Name

Type Private limited with Share Capital

FTSE Index -

Date of Change -

Filing Date of Accounts 16/08/2014

Currency GBP

Share Capital £1,000

SIC07 47789

Charity Number -

SIC07 Description OTHER RETAIL SALE OF NEW GOODS IN SPECIALISED STORES (NOT COMMERCIAL ART GALLERIES AND OPTICIANS)

Principal Activity Jewellery wholesalers.

Key Financials

Year to Date Turnover Pre Tax Profit Shareholder Funds Employees

31/03/2014 - - £674,273 -

31/03/2013 - - £660,823 -

31/03/2012 - - £669,535 -

Mortgage Summary

Total Mortgage 1

Outstanding 1

Satisfied 0

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade 0

Total Value of Documented Trade £0

Commentary

This company has been treated as a Small company in respect of the rating/limit generated.

This company has made late payments on a medium percentage of invoices.

The latest Balance Sheet indicates a very positive net working capital position.

There has been an increase in shareholders funds compared with the previous balance sheet.

This company trades in an industry with a moderate level of corporate failures.

CCJ

Total Number of Exact CCJs -	0	Total Value of Exact CCJs -
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Total Current Directors	1
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	4

Current Directors

Name	Ronnie Hanan	Date of Birth	21/10/1962
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Director
Appointment Date	06/04/1993
Address	16 Hall Road, St Johns Wood, London, NW8 9RB
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Michael Hanan	Date of Birth	09/07/1960
Officers Title	Mr	Nationality	British
Present Appointments	2	Function	Company Secretary
Appointment Date	01/02/2001
Address	11 Monkville Avenue, London, NW11 0AH
Other Actions		View Consumer Report	View Trace Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MR RONNIE HANAN	GBP	999	ORDINARY	1	99.9
SARAH HANAN	GBP	1	ORDINARY	1	0.1

Financials

Profit & Loss

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	£11,720	-11%	£13,165	-16.4%	£15,745	-18.7%	£19,364	-15.2%	£22,835
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Tangible Assets	£35,160	-11%	£39,488	-16.4%	£47,238	-18.7%	£58,075	-20.6%	£73,110
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	£35,160	-11%	£39,488	-16.4%	£47,238	-18.7%	£58,075	-20.6%	£73,110
Stock	£1,228,500	14.8%	£1,069,988	8.3%	£988,334	5.6%	£936,064	9%	£858,629
Trade Debtors	£412,529	3.7%	£397,700	-1.3%	£403,134	52.5%	£264,372	-11.1%	£297,317
Cash	£2,070	58.6%	£1,305	-82.9%	£7,636	515.3%	£1,241	-94.3%	£21,799
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-	0	-	0	-	0	-	0
Total Current Assets	£1,643,099	11.9%	£1,468,993	5%	£1,399,104	16.4%	£1,201,677	2%	£1,177,745
Trade Creditors	£897,341	24.5%	£720,516	11.2%	£647,665	43.1%	£452,532	-9.9%	£502,432
Bank Loans & Overdrafts	£100,000	-16.5%	£119,742	-	£119,742	6%	£112,913	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-100%	£951
Miscellaneous Current Liabilities	0	-	0	-	0	-	0	-	0
Total Current Liabilities	£997,341	18.7%	£840,258	9.5%	£767,407	35.7%	£565,445	12.3%	£503,383
Bank Loans & Overdrafts and LTL	£106,645	-16.1%	£127,142	-1.5%	£129,142	3.7%	£124,513	703.3%	£15,500
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	£6,645	-10.2%	£7,400	-21.3%	£9,400	-19%	£11,600	-25.2%	£15,500

.

Capital & Reserves

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Called Up Share Capital	£1,000	-	£1,000	-	£1,000	-	£1,000	-	£1,000
P & L Account Reserve	£673,273	2%	£659,823	-1.3%	£668,535	-1.9%	£681,707	-6.7%	£730,972
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	£674,273	2%	£660,823	-1.3%	£669,535	-1.9%	£682,707	-6.7%	£731,972

Other Financial Items

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Net Worth	£674,273	2%	£660,823	-1.3%	£669,535	-1.9%	£682,707	-6.7%	£731,972
Working Capital	£645,758	2.7%	£628,735	-0.5%	£631,697	-0.7%	£636,232	-5.7%	£674,362
Total Assets	£1,678,259	11.3%	£1,508,481	4.3%	£1,446,342	14.8%	£1,259,752	0.7%	£1,250,855
Total Liabilities	£1,003,986	18.4%	£847,658	9.1%	£776,807	34.6%	£577,045	11.2%	£518,883
Net Assets	£674,273	2%	£660,823	-1.3%	£669,535	-1.9%	£682,707	-6.7%	£731,972

Cash Flow

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/14	(%)	31/03/13	(%)	31/03/12	(%)	31/03/11	(%)	31/03/10
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	£680,918	1.9%	£668,223	-1.6%	£678,935	-2.2%	£694,307	-7.1%	£747,472
Number of Employees	-	-	-	-	-	-	-	-	-
Accountants
Auditors
Auditor Comments	The company is exempt from audit
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	31/03/14	31/03/13	31/03/12	31/03/11	31/03/10
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.65	1.75	1.82	2.13	2.34
Sales/Net Working Capital	-	-	-	-	-
Gearing %	15.80	19.20	19.30	18.20	2.10
Equity in %	40.20	43.80	46.30	54.20	58.50
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	0.41	0.47	0.53	0.46	0.63
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	1.47	1.27	1.14	0.82	0.68
Total Debt Ratio	1.48	1.28	1.16	0.84	0.70
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

Previous Company Names

No Previous Names found

Writ Details

No writs found

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group Structure

No Group Structure

Statistics

Group	0 companies
Linkages	0 companies
Countries	In 0 countries

Mortgage Details

Mortgage Type:	DEBENTURE
Date Charge Created:	11/11/05
Date Charge Registered:	15/11/05
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	NATIONAL WESTMINSTER BANK PLC
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER
Details:	FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
David Chee	147	28
Helen Pope	1	3
ELK (NOMINEES) LIMITED	147	5555
ELK COMPANY SECRETARIES LIMITED	206	5790
Average Invoice Value	Ł279.94
Invoices available	111
Paid	107
Outstanding	4

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	64	18	11	7	7
Outstanding	0	0	2	0	2

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.17
UK Pound	1	Rs.99.84
Euro	1	Rs.70.36

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.